You may think that, if you have a will, you don’t also need a power of attorney document. Here’s how the two documents differ.
Lasting Power of Attorney vs a will
LPAs and wills are separate documents that have different purposes. Wills deal with your assets and who will inherit them upon your death. In contrast, LPAs are concerned with your life and who will support you in the event you become vulnerable.
Assigning an LPA
There are different types of LPAs, such as LPAs for property and LPAs for health and welfare, and these do not need to appoint the same person as an attorney. What’s more, you can choose more than one person to carry out either or both roles. You can easily set up a power of attorney online via a site like powerofattorneyonline.co.uk/.
Who should I assign as my LPA?
It’s vital to choose someone you trust to have your best interests at heart when considering your LPA. This could be a close friend or a member of your family. Alternatively, you can appoint a professional, like a solicitor, to control your financial assets.
If you do not have an LPA in place and you lose mental capacity, no one has legal authority to manage your affairs – not even your partner – which can be problematic and stressful for all involved, not to mention costly if it goes to court. LPA appointments can take some months to organise, so it is always best to start thinking about it as soon as possible.